A company purchased 90 units for £20 each on January 31. It purchased 200 units for £30 each on February 28. It sold 200 units for £70 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? A) 1800 B) 5100 C) 7800 D) 6000

A company purchased 90 units for £20 each on January 31. It purchased 200 units for £30 each on February 28. It sold 200 units for £70 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? A) 1800 B) 5100 C) 7800 D) 6000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 26E

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